Stocks continue to rise

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The local stock barometer surged sharply Tuesday, retesting the 6,500 level although in thin trade, as the recent depreciation of the peso was seen boosting local consumer spending and corporate profits.

The main-share Philippine Stock Exchange index added 179.36 points or 2.83 percent to close at 6,518.77, rebounding for the third session after a sharp pullback last week.

Trading across the region was choppy ahead of a closely watched US Federal Reserve Open Market Committee meeting. Investors are awaiting for clues on how soon the US Fed will start scaling back its liquidity-inducing bond buyback programs that have boosted global markets.

The day’s rally was led by Gokongwei stocks URC (+8.18 percent) and JG Summit (+6.23 percent). Large holding firms SM Investments, Ayala Corp. and DMCI likewise helped perk up the index, each rising more than 4 percent. AGI was likewise up 3.98 percent. BPI (+3.69 percent),  ALI (+3.05 percent), SM Prime (+3.04 percent) and PLDT (+2.81 percent) also supported the PSEi’s rise. Doris C. Dumlao

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  • Ako_Hiking

    Eh these stocks mean nothing it appears in the grand scope of things…stocks rise, Philippine economic ratings rise, economic growth continues but poverty also rises, unemployment rises, and malnutrition rises.

  • HKamaru

    I think when the foreign funds are pulling out, OFW funds are coming in.. let us encourage our filipino brethren to invest in the stock market. This might lessen our dependence on foreigns… yun ay base lang sa aking maliit na pag-uunawa..

    • Renato Isla

      All ofws must be required to attend financial management seminars before they leave. Teach them the basics of investing part of their income, teach them the basics of entrepreneurship. Imagine how many more jobs will be created if only 10% of the 21B dollars will be invested solidly. Currently, most of the money sent go to the malls, to buy cell phones, and coffee at Starbucks. I wonder if any senator or congressman will propose an OFW bank or OFW bonds, and the proceeds to be used in agriculture, fisheries,and industrial lending.

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